(AFP) A Spanish court is probing seven former executives of HSBC’s private Swiss bank on suspicion of money laundering following an investigation of documents in the “Swissleaks” scandal on bank-supported tax evasion, legal sources said on Thursday.
In an order dated January but not published until now, the National High Court named seven persons under suspicion of “persistent money laundering and criminal association” who in 2006 and 2007 held senior positions at the Swiss subsidiary of HSBC.
They include former chairman of the board Peter Widmer and former CEOs Christopher Meares and Clive Bannister.
The investigation, which began in May 2016, is based on the “Falciani list”, a cache of files listing unreported accounts of customers of the Swiss subsidiary of HSBC which was stolen in 2008 by former employee Herve Falciani.
Europe’s largest bank is to contact customers to offer them redress after regulators identified ‘unreasonable’ debt collection practices.
The Financial Conduct Authority (FCA) said HSBC had offered to establish a £4m fund to repay 6,700 people hit with unfair legal charges after they fell into arrears between 2003 and 2009.
The City watchdog said the costs were imposed by HSBC-owned HFC Bank and John Lewis Financial Services after customers were referred to the firms’ nominated solicitors.
Law360, Los Angeles (January 12, 2017, 8:09 PM EST) — Investors suing big banks over alleged manipulation of Euribor, the euro interbank offered rate, asked a New York federal court Wednesday to sign off on a $45 million settlement with HSBC Bank PLC.
The proposed deal would provide relief to a class of investors who traded on Euribor products during a nearly seven-year period, and release HSBC from allegations that it unlawfully tampered with the right in violation of antitrust laws and commodities laws.
HSBC has said that its affiliate’s alleged Euribor manipulation was limited to..
The Office of the Comptroller of the Currency terminated its mortgage servicing-related order against HSBC Bank USA, lifting restrictions placed on the bank over its failure to comply with requirements of the Independent Foreclosure Review. This termination marks the last OCC-regulated mortgage service to have its order terminated.
The OCC originally issued the order in April 2011 and amended it in February 2013, with the most recent amendment in June 2015 forcing business restrictions on HSBC.
When Dan Strauss received a letter from HSBC stating that it would be closing his accounts after more than 20 years as a customer, he thought there had been some kind of mistake.
The voice over artist, who is 53 and lives in Cambridge, holds several accounts with the bank, including his main current and two savings accounts.
A few weeks ago he received a letter from the bank that read: “At HSBC we carry out regular reviews of the accounts, products and services we offer our customers.
“We recently reviewed your accounts and I am sorry to tell you that we are no longer able to provide you with banking products and services.”
He was granted two months to make alternative banking arrangements, but given no reason for why his 20-year relationship with the bank was being terminated.
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